Chipotle Mexican Grill (CMG) PT Raised to $60 at Piper Sandler

Piper Sandler analyst Brian Mullan raised the price target on Chipotle Mexican Grill (NYSE: CMG) to $60.00 (from $59.00) while maintaining a Neutral rating.

The analyst commented, "This evening, CMG reported its 3Q24 results and hosted its call. We note that the domestic SSS result of +6.0% was modestly below the consensus estimate of +6.2%, and it was also below our sense of investor expectations in the ~+6.5% to 7.0% range. From a transaction growth perspective, the quarter came in at +3.3% (with September serving as the strongest month in the low 4% range); and management went on to say that October was off to a good start and it expects the full 4Q24e time period to modestly accelerate versus the 3Q. This, combined with at least ~1.0%+ menu pricing and a modest drag from mix, should put 4Q24e SSS comfortably in the +MSD% range, which is ~in-line(ish) with the pre-print consensus estimate of +5.6%."

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